worse if someone is hurt or even dies from a fire due to outdated or broken smoke detectors. Without this area included in your lease, you could be liable for thousands upon thousands in damages, legal fees, and lawsuit payouts.
23. Right to Access Property
A landlord has the right to access their property on a reasonable basis for inspections and/or repairs, and your lease should reflect this. Include a clause that gives you regular access to your property, at least every six months or so, to check up on the property and your tenants. This way, you’ll be on top of any issues or damages and see how well your tenant is taking care of your home. Don’t simply assume your rights here; you must include them in the lease. If you don’t, what happens if there’s a small plumbing leak that’s causing major damage to your house, but you don’t have the right to reasonable access to your property? The tenant might not let you in, and they would have the legal right to do so. As a result, your investment would be destroyed by water damage, and you wouldn’t be able to get in and fix the problem. In addition to what you put in the lease, be sure to check local laws about landlord access. Some places require landlords to provide tenants with advance notice (such as 24 hours) before they access the property, although emergency situations like taking care of a leak might be considered an exception.
24. Property Disclosures
Don’t forget to include clauses for property disclosures that protect you, particularly for lead-based paint (if your property was built before 1978), radon gas, mold/mildew, and any major property hazards, such as pools and high balconies.
103
Powered by FlippingBook